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IndusInd Bank partners with one of India’s largest CNG provider for cashless payment solutions

Posted on Tuesday, October 24th, 2017 | By IndusInd Bank

October 11, 2017, Mumbai: IndusInd Bank, in partnership with Indraprastha Gas Limited (IGL) – one of India’s largest CNG companies- will be the sole provider of prepaid CNG smartcards for commercial and private vehicles, facilitating cashless transactions at all IGL’s CNG gas stations.The card was launched earlier today at an event in New Delhi, by Mr. Dharmendra Pradhan, Hon’ble Minister for Petroleum & Natural Gas, Skill Development and Entrepreneurship. Also supporting this initiative by gracing the occasion with their presence were several Members of Parliament, as well as senior officials from both IndusInd Bank and Indraprastha Gas.“At IndusInd Bank, we are committed to being a catalyst for the digital revolution in India. Products like the smartcard help introduce cashless payments and bring convenience into the daily lives of countless commercial drivers, transport operators and private vehicle owners in India,” said Mr. Ramesh Ganesan, Head of Transaction Banking Group, IndusInd Bank.Ms. Roopa Satish, Country Head – Corporate, Institutions & Investment Banking, IndusInd Bank talked about the Bank’s overall goals. “CNG is a greener alternative to traditional fuels. Supporting CNG with a digital payment solution combines two of our strategic focus areas at IndusInd- digitisation and environmentally sustainable banking.”In keeping with Government of India’s agenda to increase digital payment capacity, all of IGL’s institutional clients will use the smartcards at the point of purchase.There are three versions of the product, curated for specific customer needs:The “Retail Card” for individual cars, autos, taxis and goods vehicles owners, is particularly useful to customers that have limited digital banking options and are forced to rely on cash as the primary form of payment.The “Fleet Card” version of the smartcard, geared towards owners of commercial vehicle fleets, will simplify the cumbersome process of tracking fuel usage, obtaining and verifying individual bills and processing reimbursements.The “Cluster Program” like the Fleet Card is a complete management solution for Cluster bus Operators operating under Delhi Integrated Multi Modal Transit System (DIMTS). These CNG smartcards are the latest offering in IndusInd Bank’s growing repertoire of digital initiatives and sustainable banking products.

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2017, IndusInd Bank has 1210 branches, and 2090 ATMs spread across 687 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. In the recently released Kantar Millward Brown’s BRANDZ Top 50 most valuable Indian Brands 2017 report, IndusInd Bank has retained its 12th position and has been ranked No.6 amongst banks as per the Top 50 Indian Brands.

Ratings:

CRISIL AA + for Infra Bonds program

CRISIL AA for Additional Tier I Bonds program

CRISIL A1+ for certificate of deposit program

IND AA+ for Senior bonds program by India Ratings and Research

IND AA for Additional Tier I Bonds program by India Ratings and Research

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on December 31, 2018, IndusInd Bank has 1558 Branches/Banking outlet, and 2453 ATMs spread across geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index.